Working Abroad? Read this Before you Make any Overseas Transfers



Today millions of people from the UK enjoy the freedom of living and working abroad – especially professionals whose skills are in demand across the globe. Securing work abroad is easier than ever. But transferring money back home to cover bills and mortgage payments can be frustratingly hard, and surprisingly expensive.

 

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Not only is dealing with the banks time-consuming and stressful, poor exchange rates and ridiculously high transfer fees can slice into your salary. Thankfully, today there is a better way. At currencytoday.co.uk our experts have scoured the web and utilised industry expertise to bring you trusted currency brokers who can save you time and money. So, whether you’re transferring money back to the UK to pay bills or support your family, you can benefit from significant savings and hassle-free expert service.

Why banks aren’t best

Some busy professionals still use the local bank in the country they work in to exchange money. On the surface this seems to make sense, but it can be more expensive and time-consuming than you think. For one thing, poor exchange rates and high transfer fees of around £30 to £45 a time can seriously slash the cash you’re transferring. It may be a relatively small amount – but can eventually equate to hundreds of pounds being eaten up in charges over the course of a year.

Plus, because exchange rates rise and fall, the amount received in your UK bank account, can change every time. And is transferring cash through your foreign bank really so simple? Banks overseas can often make the process slow and complicated too –which leads to delays and extra stress and frustration.

It’s also worth remembering that any delays could mean missing a mortgage payment back home, or funds for your family’s living expenses being delayed.

A new way to beat the banks

Transferring currency through a trusted currency broker is a great way to take the pain out of the process. You can transfer foreign currency to the relevant broker client account and you’ll get a bank beating exchange rate, a simple-to-use service and best of all, low transfer fees. We work with all the market-leading currency brokers who have the power to pass on the best deals to you at the same time as maintaining the very highest levels of service.

Here are the top five reasons our customers tell us using a currency broker makes so much sense:

Currency brokers can provide:

1. They’re experts in their field. Currency brokers are experts in international payments – giving you access to a specialist service banks are unable to provide.

2. Bank-beating exchange rates. Currency brokers can offer up to 1% exchange rates – that’s around 4% less than the banks’.

3. Speedy payments. Depending where the money is being sent from in the world cash will reach your UK bank account in between one and four working days.

4. A 24/7 service. Make time zones a thing of the past – some of the companies we select will work round the clock on your behalf.

5. Easy online transactions. Managing your account online is easy with a wide range of services including rate alerts and the freedom to fix the exchange rate to buy pounds before or after the money reaches your broker account.

Look at our case study to see how you could save:

Case study: How we made it simple to send John’s salary home to his family

John Allen’s work may currently be in Dubai, but his heart is back home in the UK with his wife and kids. Skype provides a speedy way for the engineer to connect with his loved ones, but sending his salary to them is nowhere near as instant. John found that every time he wanted to move his earnings in U.S.Dollars back home he had to call his local bank branch in Dubai and wait nearly a week for the funds to reach his family. Plus, fluctuating exchange rates meant the amount they received was always slightly different.

But far worse was the poor exchange rate and needlessly high transfer fees he was forced to swallow each and every time. He found that the exchange rate he was being charged was 5% off the headline rate, costing him a massive £250 on every £5,000. And this was before transfer fees totalling £45 by the sending bank in Dubai and an intermediary bank used to process the payment to his UK bank.

Discovering a different way

John was angry at the situation, but determined to find a different way. And that’s where currencytoday.co.uk came in. Through one of the trusted currency brokers he found on our site John was able to secure a favourable exchange rate and fix an amount in sterling before any money left his account. The funds could then stay in US Dollars and be sent directly to a USD client account before being converted at the pre-agreed rate and sent to his joint account the very same day. This proved to be a smart move. The exchange rate he secured was 4% better than his bank – that’s an extra £200 on every £5000 he sent home.

Smart savings

This clever approach also meant transfer fees were reduced to £30 for the entire transaction as the Dubai bank were keeping the payment in USD rather than converting them to pounds sterling and sending funds to the UK. His wife received the money after only two working days, knowing exactly the amount she would receive. All of which means John’s happier in Dubai knowing more of his salary is helping keep his family safe and secure back home.

Want to follow John’s lead? Fill out our contact form to find out how our experts can help.

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